Longhorn is set to sell its head office for an estimated Sh500 million. Sale of the 2.2-acre land in Nairobi’s Industrial Area is expected to be concluded in six to 12 months, after which the publisher will rent space for its head office in a move meant to finance the publishing company’s investment in local and regional expansion.
Chief executive Simon Ngigi said the land sale results from a need to increase investments in higher-return publishing fields adding, “We will move our head office to an upmarket location to suit our corporate profile.” The location is yet to be determined.
The company which is aggressively investing in its core publishing business in the region. Its latest investment is the acquisition of a 92 per cent stake in LawAfrica Publishing Limited, a private East Africa-focused legal content publisher, for Sh125 million.
Mr Ngigi said Longhorn intends to venture into more markets in the next two years in line with its ambition of becoming a pan-African publisher.
The property is currently valued at Sh230.3 million in the publisher’s books.